Break and retest on daily trend-line suggesting bearish movement.
Ideal entry would be around the 1.32800 technical resistance level.
Targeting for the 1.32200 support level (previous daily/weekly low), with further potential swing being the 1.32000 psychological level.
It can either go 2 ways at this moment in time.
Price could reach both the resistance previously formed and retrace back to its counter-trend which would be in the downward momentum. If take profit hits, either method will give you around 150 - 200 pips
Price could just rally up towards the 1.33 area raking in around 176.7 pips.
Sitting beneath a strong resistance line, going to wait for a confirmation of a reversal then enter a short to just above the 0.5 level at 1.32838, it may continue past that but will lock profit at that level and ride it further down.
If you take a look at the last USD/CAD opportunity I posted, you will see that price is currently dropping from the resistance level that was identified. I am in this trade from the resistance level I posted, however here is another opportunity for an entry into this trade. Price has a bias to fall to the downside after breaking out of the pendant - this will...